News Releases

Business Credit Down, BMO Steps Up With $1BillionAt BMO, Every Week is Small Business Week

TORONTO, November 6, 2009 – Business credit may have been falling over the past few months, but BMO has stepped up by making a minimum of $1 billion available to lend to small- and medium-sized enterprises (SME) across Canada.

"According to data from the Bank of Canada, short-term business credit growth has been slowing throughout the recession, and has actually shrunk over the past four months,” said Jennifer Lee, Economist, BMO Capital Markets. "But economic recoveries yield enormous opportunity. The great majority of Canada's small businesses will survive this latest recession and emerge stronger than ever."

"We want to recognize the thousands of small businesses across the country who have weathered the recession so well," said Gail Cocker, BMO's Senior Vice-President, Commercial Banking. "Now that we are into the recovery, many businesses will be looking to move forward with expansion plans or restock their inventory. With this minimum billion dollar commitment and the expertise of our bankers, BMO can provide those businesses with the capital and advice they need to succeed.

"We're open for Canadian businesses - throughout the business cycle," said Ms. Cocker. "To entrepreneurs across the country, we want you to know we are ready to listen and advise you on the best solutions for your business. Come and talk to us today."

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